JPMorgan-US Equity Strategy 4Q23 Earnings Update-106353716

JPMORGANGlobalMarketsStrategy05February2024USEquityStrategy4Q23EarningsUpdateBeats/Misses.With45%ofS&P500companieshavingreported,71%arebeatingEquityMacroStrategy4Qearnings(vs.71%avg.last4Qs,seeFigure1)and64%arebeatingrevenueDubravkoLakos-BujasACSalesndErigco(but,m-p):(1-212)622-3601estimates(vs.64%).Notablestandoutsintermsofearningsbeatssofarthisquarterdubravko.lakos-bujas@jpmorgan.comincludeStaples,HealthcareandIndustrials:KamalTamboli•Staples.With37%ofStaplescompanieshavingreported,86%arebeating4Q(1-212)622-5794earnings(vs.75%avg.last4Qs)and43%arebeatingrevenueestimates(vs.kamal.r.tamboli@jpmorgan.com62%).BhupinderSingh•Healthcare.With41%ofHealthcarecompanieshavingreported,76%are(1-212)622-9812beating4Qearnings(vs.79%avg.last4Qs)and88%arebeatingrevenuebhupinder.singh@jpmorgan.comestimates(vs.73%).NarendraSingh•Industrials.With58%ofIndustrialscompanieshavingreported,76%are(1-212)622-0087beating4Qearnings(vs.77%avg.last4Qs)and64%arebeatingrevenuenarendra.x.singh@jpmorgan.comestimates(vs.68%).ArunJainSurprise/Growth.S&P500companiessofarhavesurprisedonearningsby4.4%(vs.2.9%last4Qs,ex-Financialsat5.8%).Forcompaniesthathavereported,4Q(1-212)622-9454revenuegrowthis3.4%y/yandnetincomegrowthis5.3%(vs.6.7%ex-arun.p.jain@jpmorgan.comFinancials).For4Q23reportingseason,weexpectS&P500companiestodeliverJ.P.MorganSecuri...